Announcement PDF hipages Group Holdings Ltd ABN 67 644 430 839 Annual Report 2024 Welcome! 3 Performance Highlights 6 Letter from the Chair 8 CEO’s Report 12 What Guides Us 14 Business Overview 20 Group Strategy 28 People and Culture 34 Environmental, Social and Governance 40 Financial Report 149 Shareholder Information iii Corporate Directory IMPORTANT: See page 4 for full Disclaimer about the information presented in this report. ACKNOWLEDGEMENT: We acknowledge the Traditional Owners of the land in all States and Territories on which we work and report. We pay our respects to Aboriginal and Torres Strait Islander Elders past, present and emerging, and honour their history, cultures and traditions of storytelling. ii hipages Group Annual Report 2024 Australia and New Zealand’s #1 platform to connect homeowners and tradies, building better lives for everyone. hipages Group Annual Report 2024 1 Record tradie demand drives MRR +13% and ARPU +11% Free cash flow positive with robust balance sheet and no debt Strategic evolution from marketplace to platform continues Award winning culture 9 awards won or named finalist in Global and ANZ Employer and HR awards 2 hipages Group Annual Report 2024 Performance Highlights Revenue Profitability Key drivers +13% $16.4m 36.7k Total Revenue EBITDA1 Subscription tradies $75.8m EBITDA margin 22% Up 4ppt Up 3% $72.1m $0.1m $2,079 Recurring revenue NPAT1 ARPU2 Up 15% FY23: ($2.3m) Up 11% $6.4m $2.1m 2.7m MRR3 excl GST Free cash flow4 Up 13% FY23: ($2.8m) Tradie-Homeowner connections Up 3% 1. EBITDA and NPAT before significant items. FY24 Statutory NPAT of $3.6m includes a one-off profit on disposal of equity interest in an associate and a reversal of deferred consideration relating to the acquisition of a subsidiary (Builderscrack). For FY23, NPAT refers to a statutory net loss after tax. 2. ARPU: Annual Revenue Per User. 3. MRR: Monthly Recurring Revenue. 4. Free cash flow: refers to operating cash flow less lease payment, less payments for intangibles assets and PPE. hipages Group Annual Report 2024 3 Revolutionising the way we work. Click to watch the product vision video or scan below. This report may contain forward-looking statements. These statements are based on an assessment of present economic and operating conditions and on a number of assumptions regarding future actions and events and accordingly, are not guarantees of future performance. To the maximum extent permitted by law, neither hipages, its subsidiaries, their respective officers, employees, agents or consultants nor any other person will be liable for loss arising from or in connection with reliance on, or use of, any information in this report including any forward-looking statement (even in circumstances of negligence). 4 hipages Group Annual Report 2024 hipages Group Annual Report 2024 5 The substantial scale and brand recognition that the business has built over the past 20 years of investment are now paying off. 6 hipages Group Annual Report 2024 Letter from the Chair Dear Shareholders, on behalf of the Board of Directors, I am pleased to present the 2024 Annual Report for hipages Group. Strong operational and financial performance coupled with the seamless launch of tradiecore, our end-to-end platform As we celebrate our 20th anniversary, I am delighted to share that it has been an exceptional year for the hipages Group. We achieved sustainable financial growth and reached a pivotal point in our strategic evolution from marketplace to platform with the seamless launch of our end-toend tradiecore platform in April. Marketplace activity reached record levels benefitting both tradies and homeowners this year. Monthly Recurring Revenue (MRR) rose by 13% to $6.4 million while total revenue also grew 13% to $75.8 million. This growth was fuelled by dynamic lead pricing, AI enhancements to our matching engine, the migration of existing tradies onto higher tier plans and new tradie businesses joining at premium price points following the tradiecore launch. Operating expenses continued to decline as a percentage of revenue, supporting robust EBITDA growth of 33% to $16.4 million, with a four percentage points improvement in our EBITDA margin to 22%. In Australia, our subscription tradie base grew by a further 2%, reaching 33,100, while delivering double-digit yield growth. ARPU (Annual Revenue Per User) was up 11% to $2,199, underscoring the enhanced value we provide to our subscription tradies. Connection volumes reached a record high of 1.4 million, reflecting strong engagement with tradies. Homeowners also enjoyed exceptional outcomes, with tradie-homeowner connections reaching a record 86%. In New Zealand, our operations represent a small but steadily expanding part of our business. We continue to transition the business from transaction-based to a higher value subscription-based model, delivering 28% revenue growth and a 21% increase in ARPU for the year. We expect continued growth as we fully transition to a full subscription model by the end of FY25. Operating cash flow increased by 23% and notably we delivered positive free cash flow of $2.1 million – an improvement of $4.9 million versus the previous corresponding period. The Group is now well positioned to consistently deliver growing free cash flow in the years ahead. Cyber resilience a core strategy focus Over the past year, the Board and executive leadership have made cyber resilience a top priority, recognising the increasing sophistication and frequency of cyber threats. Our commitment to safeguarding our organisation’s data and customers remains steadfast. Throughout FY24, we continued to invest in security and privacy technology, including data discovery detection and automated incident response platforms, to strengthen our defences. Cyber security will continue to be a core focus of our strategy. The evolving threat landscape requires constant vigilance, innovation and adaptability. We will further expand our cyber resilience measures, engage with key stakeholders to promote a culture of security awareness and ensure that we remain at the forefront of emerging security technologies. The successful launch of tradiecore in April aims to enhance our customer retention efforts and unlock significant opportunities to increase platform functionality. This will not only help drive higher ARPU but also allow us to expand the range of products and services offered to tradies. Additionally, future growth will be supported by new pricing structures and packaging strategies for the platform. The next stage of our evolution will see the development of our homeowner platform which will provide homeowners with more intuitive and tailored products and services. Whilst it is early days, we are creating an environment that allows us to deliver solutions that will help homeowners confidently care for and improve their homes. As we head into FY25, it is very encouraging to see the hipages Group maintaining strong momentum and clear strategic vision. We are well funded, with over $21 million in liquidity and no debt, positioning us to execute our strategic plans confidently and continue to deliver strong results for our shareholders. On behalf of the Board, I would like to extend my gratitude to the hipages Group team for their tireless commitment and hard work throughout the year. A special mention also to Roby Sharon-Zipser who as a co-founder has been at the helm for 20 years. I also want to thank you, our valued shareholders, for your continued support. I look forward to speaking with you at our Annual General Meeting in November. Yours sincerely, hipages Group strongly positioned to execute our strategic and organic growth plans Over the past two decades, we have evolved from a marketplace business to a single tradie platform aimed at reducing our exposure to economic cycles while unlocking new growth opportunities. Inese Kingsmill Non-Executive Chair hipages Group Annual Report 2024 7 CEO’s Report This year marks our 20th anniversary and a critical inflexion point with hipages Group delivering positive free cash flow for the year. We are now well positioned to be a consistent generator of growing free cash flow into the future. It has been an outstanding year for hipages Group as we achieved all our strategic, operational and financial goals despite the broader economic challenges in Australia and New Zealand. We maintained our disciplined approach to the business as we focused on maximising the financial performance of the platform whilst maintaining tight operating and investment spending controls. Total Total Revenue Revenue MRRMRR excl GST excl GST Importantly, we also made material progress in our strategic evolution from marketplace to platform and the highlight was undoubtedly the successful launch Total Total Revenue Revenue MRR MRR excl GST excl GST of our new hipages tradiecore platform in April. The launch occurred on time $75.8m $75.8m $6.4m $6.4m and tradies can now and was seamless complete an entire job from lead claim to $67.0m $67.0m $5.7m $5.7m and payment within a single completion $61.9m $61.9m $5.2m $5.2m app interface. $4.8m $4.8m 3.7m $55.8m $55.8m The tradiecore platform is expected to reduce our exposure to economic $46.9m $46.9m fluctuations, improve tradie retention and create avenues for growth through new products and services for tradies and homeowners. $67.0m $67.0m $5.7m $5.7m $61.9m $61.9m $5.2m $5.2m $12.3m $1 $11.7m $11.7m $10.7m $10.7m $55.8m $55.8m $4.8m $4.8m $46.9m $46.9m $3.7m $3.7m $6.1m $6.1m FY20FY20 FY21FY21 FY22FY22 FY23FY23 FY24FY24 FY20FY20 FY21FY21 FY22FY22 FY23FY23 FY24FY24 FY20FY20 FY21FY21 FY22FY22 FY23F Operating Operating Cash Cash Flow Flow EBITDA EBITDA $16.4m $16.4m $12.3m $12.3m $11.7m $11.7m $10.7m $10.7m $19.3m $19.3m $15.7m $15.7m $12.7m $12.7m $12.6m $12.6m $9.2m $9.2m $6.1m $6.1m FY20 FY21FY21 FY22FY22 FY23FY23 FY24FY24 FY20FY20 FY21FY21 FY22FY22 FY23FY23 FY24FY24 FY20FY20 FY21FY21 FY22FY22 FY23FY23 FY24FY24 FY20FY20 FY21FY21 FY22FY22 FY23FY23 FY24FY24 8 hipages Group Annual Report 2024 $ $75.8m $75.8m $6.4m $6.4m This laser-like focus and strong operating leverage saw us reach the critical inflexion point of positive free cash flow in FY24. This is a significant milestone for the hipages Group as we are now well positioned to be a consistent generator of growing free cash flow into the future. Successful launch of our end‑to-end platform, hipages tradiecore, to win the whole tradie ecosystem EBITDA EBITDA We are incredibly pleased with our results this year and remain focused on driving the business forward. hipages Group Annual Report 2024 9 CEO’s Report continued Record tradie-homeowner connections driven by marketplace management Proactive marketplace management also led to a notable increase in tradiehomeowner connections1 in FY24 (refer to Figure 1). Homeowners reaped the benefits of greater engagement and competition for jobs, highlighted by a record 86% connection rate2 during the second half of the year (refer to Figure 2). This strong performance underscores the vibrancy of our platform and the growing confidence users have in its value. This is discussed further on pages 20 to 27, Group Strategy. We are incredibly pleased with our results this year and remain focused on driving the business forward as we progressively transition 100% of our Australian customers onto the hipages tradiecore app and expand our product suite. Industry spending on job management technology is still in its infancy but is expected to grow rapidly Going forward, our strategic pillars remain simple yet powerful and our priorities are clear: grow our tradie network while maintaining marketplace balance and capitalise on significant opportunities in pricing and value. Industry spending on job management technology is growing rapidly, yet adoption remains low at 14%. Most tradies still rely on somewhat unsophisticated tools to manage their operations: 58% use generic software (like Microsoft Word) and 28% rely on pen and paper to manage jobs. This trait is even more pronounced among sole traders, who make up twothirds of our total addressable market, as only 8% of sole traders use specialised job management software. Technology, product innovation and demographic changes will support this revolution In terms of the homeowner platform, our second pillar, we are committed to driving relevant job leads for our tradies while expanding our homeowner network. We will continue to invest in our brand and innovative marketing channels to fuel growth. We believe our homeowners should be using hipages for even more jobs, and we will be making their experience exceptional. We are also focused on further enhancing our trust proposition and developing new, cutting-edge solutions using technology and data to accelerate repeat work. Our partnerships are one aspect that is key to this happening, and I’m pleased to report we have added several significant partners through our co-branding technology this year. We expect more high-quality, trusted brands to join us in the coming year and have many exciting additional features and services set to be delivered in the coming halves. Strong operating leverage continues to underpin margin expansion Our subscription model gives us great visibility over future revenues and our operating model is highly efficient and scalable which should continue to deliver enhanced operating leverage and margin expansion over time. I am very happy to confirm that our operating momentum remains on track for this year. We are targeting continued strong revenue growth, with further expansion of our EBITDA margin and free cash flow of $4-5 million. We see this as a huge opportunity as we believe that the market is on the cusp of a major shift towards increased technology adoption, fuelled by growing competition between tradies and their requirements for productivity improvement. 1. Connections occur when a tradie claims a job, triggering usage of their lead credits included in their subscriptions. 2. Connection rate defined as # jobs with at least 1 tradie-homeowner connection as a % of total # jobs posted on hipages (Australia). 10 hipages Group Annual Report 2024 I am extremely excited about the future of hipages Group. I look forward to reporting back on our progress throughout the year. I would like to thank the hipages Group team for their hard work, focus and passion this year, and the Board for their guidance. Thanks also to you, our fellow shareholders, for your continued interest and support. Yours sincerely, Roby Sharon-Zipser CEO and Executive Director Figure 1: hipages Australia tradie-homeowner connections +2% 1,376 1,211 H1 FY22 1,276 1,267 H2 FY22 H1 FY23 H2 FY23 1,307 H1 FY24 1,403 H2 FY24 # tradie-homeowner connections (’000) Figure 2: hipages Australia job connection rate 84% 84% H2 FY23 H1 FY24 86% 78% 71% H1 FY22 74% H2 FY22 H1 FY23 H2 FY24 % of total jobs connected with a tradie² hipages Group Annual Report 2024 11 What Guides Us The foundations of our business strategy and operations are our purpose, vision and values. hipages Group’s purpose is to transform the trade industry building better lives for everyone. Our vision is to be the most trusted partner in the trade industry. Our purpose inspires our team to make a meaningful impact to the trade industry. We are leading the transformation of this industry, one of the last industries to be digitised. We delight in and celebrate the positive impact we have today on our tradies and homeowners, regularly sharing success stories, and are excited about our strategy to continue to deliver superior value, service and innovation. Our vision sets us apart from potential competitors; as a 20-year-old business supporting trades to succeed and grow their businesses, hipages has established a trusted position in the industry and our FY25 strategy sees us continue to focus on maintaining and improving that position. Underpinned by the hipages Group DNA to ‘Make it happen’, our values are used to assess value-alignment in the recruitment process, guide decision making, assess individual and team performance and be the cornerstone of our reward and recognition programs. Our values define how we act and guide our decisions. 12 Service Value Innovation We enjoy exceeding expectations We don’t hold back in adding value We constantly challenge the way things are done Collaboration Being Genuine Our DNA We bounce ideas around and respect each other We are real people who breathe life into the brand Make it happen hipages Group Annual Report 2024 U Celebrating 20 years of hipages! • hipages launches as a directory product 2004 2023 • Exclusive managed service partnership with IKEA kitchens • 11-millionth job posted • Launched payments solution via Stripe • Pay-per-lead product launch 2012 • tradiecore – new features including payments solutions and accounting integration • IKEA partnership commences • Continued tech platform modernisation • hipages Group named #3 Best Place to Work • One-millionth job posted on the platform 2015 2016 • Established an operations hub in the Philippines • News Corp Australia strategic investment in hipages • Bunnings partnership commences 2018 • Five-millionth job posted on the platform 2019 2020 • Strategic acquisition of Call of Service, the foundation of tradiecore job management • Move to subscription-only model 2024 • Celebrated 20 years of hipages • Launched hipages tradiecore: single tradie platform, in April 2024 • Evolution of our strategic pillars: the tradie platform and the homeowner platform • Divested non-core Proptech Labs for $8.4m (previously known as Bricks+Agent) • hipages Group certified as a Great Place to Work • Over 12 million jobs posted on the platform since inception • Established a tech-hub in Vietnam • Listing on ASX as HPG • Strategic acquisition of Builderscrack NZ 2021 • Strategic investment in Bricks+Agent • Launched tradiecore • hipages Group named #2 Best Place to Work • 100% of tradie base on subscription 2022 • Ten-millionth job posted on the platform • hipages Group again named #2 Best Place to Work hipages Group Annual Report 2024 13 Business Overview: hipages Australia Marketplace Performance Brand Authority High level of marketplace activity delivering value for homeowners and tradies. Our reach and brand awareness have been expanded whilst we reduced our marketing spend as a % of revenue demonstrating our commitment to efficient marketing spend. Highlights include the following: June MRR vs pcp (excl GST) • New TV sponsorship Dream Home (Channel 7) complementing our six-year strong partnership with The Block (Channel 9) $2,199 Connection1 volumes continued to grow (off a record pcp) reflecting tradies’ strong engagement with the platform which contrasts with uncertain economic conditions and subdued consumer demand. More connections result in tradies consuming their subscription credit faster, triggering upgrades to higher price tier subscription packages. Homeowners are getting exceptional outcomes with a record high % of jobs connected with tradies. The high connection rate2 has been driven by continued improvements to our job/ tradie matching engine, and targeted SEO/SEM investment to optimise the volume of jobs posted by trade category. Our ARPU growth reflects the enhanced value proposition for tradies (refer to Figure 3). Initiatives which have fuelled ARPU growth include: • Dynamic job lead pricing which has driven increased credit usage by tradies, resulting in more of them ascending to higher price tiers, and/or purchasing more lead packs3 • AI powered improvement of the matching engine, also resulting in increased credit usage by tradies • Migration of long-term tradies from legacy lower yield products to the current product offering • Since April, new tradies have joined on the single tradie platform at higher price points Tradie subscription continued to grow (refer to Figure 4), as the business passed on price increases. • ~30% increase in reach: 8.8m people reached, of which 2.0m incremental4 • 71% brand awareness among tradies, 64% among homeowners (both up 3ppt vs pcp)5 • ‘Always on’: hipages platform top-ofmind with The Block in H1 and Dream Home in H2 • Multi-channel tradie campaigns across radio, on-demand streaming platforms, YouTube and TV • Complementary SEM/SEO investment maintained in line with FY23 to help manage marketplace balance Homeowners +11% ARPU (+11% YoY) 2.7m Tradie-Homeowner connections (+2% YoY) 71% Tradie brand awareness (+5% pcp) We continue to enjoy strong brand growth amongst homeowners. Total awareness 64%, spontaneous awareness 34% and consideration 40% all grew to record highs amongst homeowners in the age bracket 30-65yo in FY24. Pleasingly, our homeowner experience continues to be a strength, with our trialto-preference ratio a category-leading 76%. This helped insulate the brand against softer homeowner spending in FY24. Tradies Similarly, our brand continues on an encouraging growth trajectory amongst tradies, in turn delivering record numbers of enquiries from tradie businesses looking to join hipages in FY24. Total awareness, spontaneous awareness and consideration amongst tradie business decision makers reached record highs, with our latest brand tracking survey revealing hipages remains the #1 preferred method for tradies to grow their business amongst direct competitors. 1. Connections occur when a tradie claims a job, triggering usage of their lead credits included in their subscription. 2. Connection rate defined as # jobs with at least 1 tradie-homeowner connection as a % of total # jobs posted on hipages (Australia). 3. Lead Packs are a transactional product offering tradies extra credit on a one-off basis, as an alternative to ascending to a higher price point (subscription product with 12 months commitment). 4. 6.9m The Block viewers and 4.5m Dream Home viewers, of which 2.0m did not watch The Block. Source: Avenue C/eTAM data 2024. 5. Thrive Insights research – Jul 2024; 30-65yo metro and regional. 14 hipages Group Annual Report 2024 Figure 3: hipages Australia ARPU ($) +11% $2,199 $1,985 $1,789 $1,536 $1,194 FY20 FY21 FY22 FY23 FY24 Figure 4: hipages Australia subscription tradie number +2% 33.1 32.3 31.8 31.3 30.9 7% 0% 30.8 0% H1 FY22 H2 FY22 H1 FY23 Subscription tradies (’000) 3% 3% 2% H2 FY23 H1 FY24 H2 FY24 Growth vs pcp (%) hipages Group Annual Report 2024 15 Business Overview: hipages NZ (Builderscrack) Performance New business model FY24 saw the hipages New Zealand business deliver strong results and operating metrics in contrast with the current economic environment and subdued consumer demand. Builderscrack continues its transition from a transaction-based to a higher value subscription only model, delivering 28% revenue growth year-over-year with ARPU expanding 21% over the same period. The high operating leverage and careful cost control translated into an EBITDA margin of 28%, up 7ppt from the previous year. The new full subscription model started rolling out to new tradies in June 2024 and all current tradies under the current hybrid subscription model will be migrated to the new plans during the FY25 financial year, bringing it in line with the hipages Australia business model. This will mark the move away from a success fee model, which is expected to bring about many benefits to the business, tradies and homeowners as has been demonstrated in Australia. The positive revenue momentum, and increase in MRR, is mainly attributable to the migration of all tradies onto a hybrid subscription and success fee model during the year in preparation for moving to a full subscription model in FY25. Tradie growth saw good momentum with the number of paying tradies1 increasing from 3,411 to 3,644. Builderscrack maintained its strong brand presence in New Zealand through continued investment in marketing initiatives including the successful sponsorship of House Rules NZ, which saw organic homepage views increase by 51% during on-air months. It continues to be the largest marketplace for tradies in New Zealand, helping over 290,000 homeowners post over 760,000 jobs since 2007, with over 78,000 jobs being posted on the platform during FY24. Brand authority 1. hipages New Zealand (Builderscrack) tradies who invoiced a homeowner at least once within the last 12 months. 16 hipages Group Annual Report 2024 +81% June MRR vs pcp (excl GST) $964 ARPU (+21% YoY) +7% growth in hipages New Zealand subscription tradies 78,231 jobs posted during FY24 Figure 5: hipages New Zealand (Builderscrack) tradie mix +21% $964 ARPU (in A$) 3,644 3,644 22% Total # paying tradies 78% Subscription tradies $794 3,411 Transactional tradies 44% 3,377 56% FY23 FY24 Figure 6: hipages New Zealand subscription tradie number +7% 3,579 3,377 -2% H1 FY23 3,644 3,411 4% 6% 7% H2 FY23 H1 FY24 H2 FY24 Paying tradies Growth vs pcp (%) hipages Group Annual Report 2024 17 Tradie profile: Mason and Brittany Gardiner, MKG Electrical Pty Ltd Steady growth Building the business from scratch, electrician Mason started out as a sole operator in 2015. Within three months of joining hipages, he had enough work to hire his first apprentice. The business grew steadily; and by 2019, Mason’s wife Brittany joined to manage the backend operations, allowing Mason to focus on the tools. 18 hipages Group Annual Report 2024 Using hipages has played a central role in their growth, providing a steady stream of leads and helping them secure long-term contracts. “I ended up drumming up a bit more work than what Mason actually wanted to complete, and he’d get home and I’d show him all the jobs I had accepted on hipages, so we ended up getting some more staff from there,” says Brittany. Today MKG Electrical is a close-knit team of 14, with five vehicles on the road servicing the Sydney metro area. They handle everything from general maintenance to large commercial projects in both the electrical and solar industries. Despite their growth, the couple hasn’t lost sight of what matters. “Quality work, happy customers, and a great team – that’s our focus,” says Mason. Looking ahead, Mason and Brittany plan to further integrate hipages into their operations while they continue to grow. “If it wasn’t for hipages we wouldn’t be where we are today. hipages is definitely part of our future.” hipages Group Annual Report 2024 19 Group Strategy The Australian trades industry is worth over $141 billion with the hipages business model focused on those tradies who mainly service the residential homeowner segment valued at $112.4 billion. The homeowner segment represents over 48% of the residential tradies market. The homeowner segment upon which hipages targets focuses on maintenance, repairs, emergency services as well as small to large renovations projects. Importantly, the homeowner segment is less exposed to the cyclicality of the new builds segment. Our category of tradies spends $1.2 billion annually on marketing, growing by approximately 20% since 2020. hipages’ growth is expected to be driven by industry organic growth, further shift from traditional marketing media by tradies to digital solutions and expanding software and business service solutions. With over 301,000 tradies in the addressable market and our share being 11%, we know there is significant growth potential. The Serviceable Addressable Market (SAM), represents 175,000 tradies with our current share at almost 20%. This clearly represents room for significant growth for our business as we innovate and expand market share with our everevolving product offering. With over 301,000 tradies in the addressable market and our share being 11%, we know there is significant growth potential. 20 hipages Group Annual Report 2024 Figure 7: Australia trades services verticals Community and Government – $9.4B Retail – $0.7B Managed Investment Properties – $16.8B Homeowner – $54.3B Insurance – $9.4B Commercial $9.9B Total Australian Trades Services Total Residential $141.8B $112.4B New Builds – $41.3B Residential – $112.4B Figure 8: Australian trades services market size Tradie businesses playing in the ‘Total Residential’ segment Tradie businesses playing in the ‘Homeowner’ vertical and using marketing services Total Addressable Market (Trade Businesses) 11% 301k Serviceable Available Market 175k hipages penetration rate 19% hipages AUS 33k hipages Group Annual Report 2024 21 U Group Strategy continued Strategic Roadmap FY24 - FY27+ Our priorities are clear: continue to grow the marketplace while maintaining balance and capitalising on significant opportunities in pricing and value delivery. We are enhancing the value exchange through cutting‑edge technologies, including machine learning and AI, to drive growth. Additionally, we will continue to develop and expand the features available in our job management solutions, expanding on our all-in-one tool for tradies to deliver on our vision. Furthermore, we will enhance the homeowner experience and value proposition to become the platform of choice to research, hire and manage home services. 22 hipages Group Annual Report 2024 Tradie Platform Homeowner Platform Maintain marketplace balance Attract quality job leads • By geography and trades category • Relevant and in-demand based on latest marketplace balance dynamics • While maximising new and returning tradie acquisition Optimise value exchange • Enhanced tradie experience driving high activity on the platform • Dynamic pricing based on supply-demand dynamics Develop further product features • All-in-one tools for tradies Develop partnerships further • S